Individual Assignment
Question 1.
Reporting entity is organization that stands apart as a separate economic unit that have the existence of users who are dependent on general purpose financial reports (Carey, Potter and Tanewski, 2013). One of the reason that Apollo Food Holdings Berhad is a reporting entity is there are dependent users exists because there is separation of management from owners (www.ifrs.org, 2015). Apollo Food Holdings Berhad is a listed company in Bursa Malaysia and it is shown on page 109 of the annual report 2014, they have a great spread of 2723 of shareholders (Annual Report 2014, 2014). Therefore, the company is a reporting entity.
Question 2
Investors
Investor is people who commit capital to have some ownership interest of a company. The investors could know the profitability of the company based on the Financial Highlight (page 7) or the
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Annual Report 2014. (2014). 1st ed. [ebook] Malaysai: Apollo Food Holdings Berhad. Available at: http://www.bursamalaysia.com/market/listed-companies/company-announcements/4204409 [Accessed 1 Apr. 2015].
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4. www.ifrs.org, (2005). Reporting Entity: Preliminary Staff Research. [online] Available at: http://www.ifrs.org/Meetings/MeetingDocs/IASB/Archive/Conceptual-Framework/Previous%20Work/CF-0512b02b.pdf [Accessed 26 Apr. 2015].
5. www.masb.org.my, (2014). Malaysian Private Entities Reporting Standard (MPERS). [online] Available at: http://www.masb.org.my/images/MPERS_13Feb2014.pdf [Accessed 13 Feb. 2014].
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In accounting there is much to be learned, about the financial aspects of a business. In the past five weeks I have learned the importance of financial reports and how they relate to the success of an establishment. These reports may include balance sheets and income statements, which help accountants and the public grasp the overall financial condition of a company. The information in these reports is really significant to, managers, owners, employees, and investors. Managers of a business can take and deduce financial
Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2009). Accounting: Tools for business decision
By Thomas Ahrens (London School of Economics), and Christopher Chapman (University of Oxford), from The Contemporary Accounting Research Vol. 21 No. 2 (Summer 2004) pp. 271–301.
Edmonds, T., Tsay, B., & Olds, P. (2011). Fundamental Managerial Accounting Concepts (6th ed.). New York, NY: McGraw-Hill/Irwin.
INCLUDES SOLUTIONS INCLUDES MARKERS’ REPORTS This is a three (3) hour paper. You have ten (10) minutes reading time. There are seven (7) questions. There are eight (8) pages, including this one. You must answer all parts of all questions. The questions are not of equal value. All answers must be written in blue or black ink. Show all relevant working.
Day J. and Krakhmal V. (2006) fourth edition (2011), An introduction to accounting and finance in business, Milton Keynes, The Open University
Folk, M., J., Garrsion, H., R., & Noreen, W., E., (2002). Introduction to Managerial Accounting. New York, NY: McGraw-Hill/Irwin.
By: Banham, Russ. Journal of Accountancy. Oct 2017, Vol. 224 Issue 4, p28-32. 5p. , Database: Business Source Complete
Garrison, R., Noreen, E., & Brewer, P. (2015). Managerial accounting (Fifteenth ed.). New York, NY: McGraw-Hill Education.
Harrison, W. T. (2013). Financial Accounting, VitalSource for DeVry University, (9th ed.). Pearson Learning Solutions.
As the business environment grows and companies find new ways to expand into their respective - or even new – markets, it is important that reporting standards stay up to date with changes and continue to assist companies in providing their users with useful accounting information. Information is labelled as being useful when it meets the
This paper will analyze these views as they apply to the discloser of segment information for public entities as required by topic 280 of the FASB accounting standards codification, and discussed in Statement of Financial Standards No. 131 (“SFAS 131). The paper is structured as follows: Section II provides an overview of the objective and general purpose of financial reporting and the qualitative characteristics off useful financial information as determined by the Financial Accounting Standards Board (“FASB”), section III introduces the concept of segment reporting and outlines the requirements for disclosures of segment information for public companies, section IV evaluates the relevance of
The purpose of this research report is to understand of two important concepts from the Conceptual Framework for Financial Reporting----the objective of general purpose financial reporting and qualitative characteristics of useful financial information. In this report, Myer Holdings Ltd is as an example to describe these two concepts. This report includes the analysis on whether the disclosure of PPE from Myer Holdings Ltd meets the requirements of AASB 116, especially the requirements of objective
The author thanks Professors Martha Howe, Donna McConville, Ari Yezegel, participants at the 2013 North American Case Research Association Annual Conference, the 2013 American Accounting Association Northeast Region Annual Meeting, and 2014 American Accounting Association Annual Meeting for their comments and suggestions on the earlier versions of the case. Comments and suggestions of the editor, associate editor, and two anonymous reviewers are also gratefully acknowledged. Supplemental material can be accessed by clicking the links in Appendix A.
With complete notion and awareness of how each country has their set of rules, “the goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements” (Rouse, 2011). This view is meant to provide general guidelines, as well as international comparisons through conventional and edifying means. To bring broader and vivid objectives, IFRS replaced IAS, the older standards, in order to bring a more comprehensive and simplified accounting procedures.